§ 45-46-90.09 — Power to Contract

Alabama § 45-46-90.09

• Jurisdiction: Alabama
• Title 45: Local Laws
• Ch. 46: Marengo County
• Art. 9: Economic and Industrial Development and Tourism

Text

As security for payment of the principal of and the interest on bonds issued or obligations assumed by it, the authority may enter into a contract or contracts binding itself for the proper application of the proceeds of bonds and other funds, for the continued operation and maintenance of any industrial or commercial facility, or port, dock, wharf, or related facilities owned by it, or any part or parts thereof, for the imposition and collection of reasonable fees, rents, tolls, and other charges for, and the promulgation of reasonable regulations respecting the use of any such facilities, for the disposition and application of its gross revenues or any part thereof, and for any other act or series of acts, not inconsistent with this article for the protection of the bonds and other obligations being secured and the assurance that the revenues from such facilities will be sufficient to operate such system, maintain the same in good repair and in good operating condition, pay the principal of and the interest on any bonds payable from such revenues, and maintain such reserve as may be deemed appropriate for the protection of the bonds, the efficient operation of such facilities, and the making of replacements thereof and capital improvements thereto. Any contract pursuant to this section may be set forth in any resolution of the board authorizing the issuance of bonds or the assumption of obligations or in any mortgage, deed of trust, or trust indenture made by the authority hereunder.

Legislative History

(Act 86-547, p. 1106, § 10.)